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Business Planning

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In the December Edition of the TRITON Newsletter we discuss Business Planning. We know, the Holidays are in full bloom, business is picking up, and planning for next year may be the furthest thing from your mind. Truth is, taking the time to strategically plan NOW will bear greater results for you and your business in 2015.
Business Planning requires time, effort, dedication, and is not for the faint hearted. Don’t stress it though, TRITON is here to help! We’ll take away all the stress, anxiety, and help you accomplish your professional goals this year.
To quote the number 3 billionaire in the world and CEO of the fifth-most-valuable company in the U.S. – Berkshire Hathaway, “No matter how great the talents or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”

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We cannot emphasize enough the importance of Business Planning. Without a well thought, specific, and measurable plan you will diminish any likelihood of being a successful entrepreneur.
Whether you are a current business owner or playing with the idea of opening a new business, it’s crucial to have a plan of attack!
Business Plan Must-Haves:
Vision | Mission Statement
Description of Your Products & Services
Competitive Market Assessment
Customer Analysis
Personnel Needs
Goals | Short & Long Term
Legal Structure
Measuring Tools
Sales & Marketing Plan
Financials & Funding Options
Exit Strategy
* It is recommended that you revisit your business plan on a quarterly
basis to ensure set objectives are being met and/or on target. If you find that you are making edits to your Business Plan, it’s OK! Keeping your plan current will help you see if the “big picture” still exists and if everything is falling into place. Did You Know Your Business Plan Can Also Be An Effective Training Tool! Format it into a document you can share with the company. Sharing your vision will help get your employees and management team on board with your desired goals.
Planning Doesn’t Have To Be Difficult, TRITON Will Guide You!
Join Our Entrepreneurial Workshop | Thursday, December 18th
Brainstorm with Like-Minded Business Professionals, Build Your Sales and Marketing Plan and more!
TRITON Coaches are available by phone or email to assist you build your 2015 Plan. Call us: 954.376.3767 ext. 3 | E-mail: Info@TritonTheory.com

Process Improvement with Gap Analysis White Paper!

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Download Gap Analysis PDF Here!

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Entrepreneur: Your Business Venture

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Entrepreneur: Your Business Venture

“Success is walking from failure to failure with no loss of enthusiasm.”- Winston Churchill

It is no surprise that running your own business involves a great deal of time, responsibility and passion to produce successful results. Here at TRITON, we value every entrepreneur, their passion, commitment, and desire to make their dreams come true. With the proper foundation, we can help your passion quickly become a reality.

Having the right business coach will not only grow your business exponentially but will also help you achieve personal growth. The possibilities are endless when you have the right attitude and approach.

All entrepreneurs begin with a passion, whether it is money, freedom, autonomy, legacy, or self accomplishment. When that passion is darkened, businesses lose focus, and ultimately fail. We cannot emphasize enough, the importance of passion in the growth of your business. All entrepreneurial goals begin with such a passion, and flourish when the common goal of producing that product/service is executed in the best possible manner for its customers!

10 Essential Things to Know About Running a Business

1. Offer what people want to buy, not just what you want to sell.
2. Build a team immersed in your vision.
3. Create a positive customer service experience.
4. Get cash flowing ASAP! Always find new ways to keep costs low.
5. When planning, always overestimate expenses and underestimate revenues
6. Focus on sales and marketing manically.
7. Find ways to exponentially increase profits
8. Test and measure everything
9. Accept that learning more equals earning more. Trust in those smarter and more experienced than you.
10. Don’t discount, add value. Never sacrifice quality!

Loyal Customers are the Common Goal of All Entrepreneurs.

Your business cannot flourish without them! It is extremely important to connect to your consumers in person and via social media channels. Don’t burn any bridges if you can help it, if someone cannot use your product/service now, they may know someone that can in the future. A personal referral is the most powerful lead a company can receive!

Your business will go through ups and downs, all businesses do. The most important thing to remember is to be prepared! With proper planning and strategy, your business can withstand difficult times and grow into the empire you always envisioned! At TRITON we will motivate, inspire, and teach you how to make your dreams become a reality!

Organizational Ethics in Business

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Organizational Ethics in Business

Organizational ethics is the ethics of an organization, and it is how an organization ethically responds to an internal or external stimulus. Organizational ethics is interdependent with the organizational culture. Although, it is akin to both organizational behavior (OB) and business ethics on the micro and macro levels, organizational ethics is neither OB, nor is it solely business ethics (which includes corporate governance and corporate ethics). Organizational ethics express the values of an organization to its employees and/or other entities irrespective of governmental and/or regulatory laws.

The Foreign Corrupt Practices Act (FCPA) restricts the United States business firms from engaging in bribery and other illegal practices internationally. There are laws that have the same type of prohibition for European companies. These laws create a disadvantage competitively for both European and U.S. firms. Such laws are not a restricting element to organizations that have highly elevated ethical behavior as part of their values. Organizations that lack ethical practices as a mandatory basis of their business structure and corporate culture, have commonly been found to fail due to the absence of business ethics; Corporate downfalls including, but are not limited to, the recent Enron and WorldCom scandals, are two primary examples of unethical business practices concerning questionable accounting transactions. Organizations focusing on encouraging ethical practices are commonly viewed with respect by employees, the community, and corresponding industries. Ethical business practices of organizations has resulted in a solid financial bottom-line. This has been seen through greater sales and increased revenue by companies retaining talented personnel and attracting newly skilled employees. More importantly, an ethical organization will have the ability to retain employees that are experienced and knowledgeable (generally referred to as human capital). This human capital results in less employee turnover, less training time for new employees, and greater output regarding services (or production of goods).

There are at least four elements that aim to create an ethical culture and behavior of employees within an organization. These elements are:

1) a written code of ethics and standards (ethical code)
2) ethics training for executives, managers, and employees
3) the availability of ethical situational advice (i.e. advice lines or offices)
4) confidential reporting systems

Organizations are constantly striving for a better ethical atmosphere within the business climate and culture. Businesses must create an ethical business climate in order to develop an ethical organization. Otherwise saying, companies must focus on the ethics of employees in order to create an ethical business. Employees must know the difference between what is acceptable and unacceptable in the workplace. These standards are found within the written code of ethics or may be referred to as the employee handbook. These standards are a written form of employee conduct and performance expectations.

Communication Essentials

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Communication Essentials

As you meet more and more people in your life you will either find it more difficult or easier to communicate with another person. When you are in a business environment it is more likely to communicate with a large amount of individuals often. For some, it comes natural to speak to another person and have no issue with keeping a conversation going. On the other hand, not everyone is capable of holding a conversation. Having a few essential communication skills can prepare you for your next luncheon, business meeting, leadership conference, networking event, etc.

Before becoming a good communicator, it is important to understand the basics of communication itself. Communication is the process of showing signals and messages between on person to another in various different methods such as verbal and un-verbal mediums. Communication is important for the foundation of a healthy, growing business or social relationship. If you are communicating with someone it is important to speak your mind and use your voice to your advantage. In the business world it’s extremely important to be honest and speak up when you don’t agree with something. There is no problem in practicing communication. Communication skills begin with simple interactions and eventually will become more refined and professional. Making eye contact with the person or people you are speaking to is also important. It makes them more engaged and more likely to actually listen to what you are saying.

When speaking feel free to add gestures. If you are speaking to a small crowd use smaller gestures and if you are speaking to a large group, you can add more. Be sure to have the gestures reflect the message you are trying to deliver.

Like mentioned before, communication is not just with verbal words. Body language plays a huge part in communication. Arms crossed and shoulders hunched can come off as unwillingly to speak to. You would’t appear approachable and that can hurt you from talking to a potential client. Having an appropriate posture is more welcoming to a stranger that you will be in a new business setting.

All in all, a good speaker is a great listener. Make sure to think before you speak and use proper grammar. Big words aren’t always the right words to say. Allow feedback during conversation and use an appropriate volume according to your setting.

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Empowering Leadership

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As organizations and the today’s ever and challenging environment evolve, they understand leadership is the most important thing in business training. Take a moment to think about the word leadership, what does it mean to you?

Leadership is a rich and significant word. It stirs a sense of idealism, excitement, hope, and courage. A word that inspires us to be our best. We normally associate leadership with the most influential people in history. However, it also conjures up memories of family members, teachers, coaches, and mentors would’ve influenced us to reach our full potential.

Leadership is exciting. Perhaps the most exciting element of leadership the fact that everyone possesses the ability to lead. It is not necessary to change the world over, or become a household name in order to be a great leader. Being a great leader simply means having a positive influence on those around you. It allows you to create an organization founded on ideals by which others are encouraged to rise above mediocrity and perform at their best. It does not matter if you lead a staff of two or a nation of millions; the principles are still the same and can be learned.

It is becoming more and more difficult for businesses, large and small, to survive in today’s marketplace. Each year 1 million new businesses are established and 40% fail in the first year, while only 12% survive in the first five years and amazingly only 2 to 3% survive in the first 10 years.

Why is the survival of business so difficult today? There are various reasons that can make your business vulnerable. Some those reasons are: the increase in the amount of competitors, the inability to understand your customers’ requirements or needs, not being familiar with today’s markets and your external environment, being undercapitalized, lack of business strategy and define goals or could just be your location, your timing, or poor or no leadership.

THE most important factor for sustaining long-term business success is leadership. Leaders have the power to make things happen and influence the organization. Leaders are responsible for all the factors including understanding customers in today’s markets and developing strategies to succeed in that market place. They provide the vision inspiration and direction to attract and motivate others to be successful and create the infrastructure – processes, systems and structure in which the organization can succeed.

“Leadership is the pivotal force behind successful organizations. To create vital and viable organizations, leadership is necessary to develop a new vision of what they can be and then mobilize the organization to change towards that vision.

The essence of leadership is to clarify and deliver compelling vision, how to translate that vision into reality and the ability to rally people behind that vision. People may have clear visions, but without the power to translate that vision into reality, they are not leaders. Translating the vision into reality has to do with motivating and gaining the support of others and channeling their efforts into a common direction. Leadership therefore is about vision and relationship.

There are myths about leadership: leadership is a rare skill, leaders of born not made, effective leaders are charismatic, leadership exists only at the top; and leaders control, direct and prod. We too often associate leadership with high visible and acclaimed figures such as Lincoln, Churchill and Gandhi but in truth there are numerous examples of leadership in our everyday lives, whether it be in coaching Little League, running a volunteer organization or leading a work team. For years debate has raged about whether leadership is innate or learned. The most accepted view today is that it’s both. Most people possess some leadership qualities, and can further develop their leadership skills. Some leaders are charismatic and others are not. There are many personality types of extroverts and introverts and both make great leaders. Harry Truman and Dwight Eisenhower both had been reported to having personality of “dead mackerel” but were still effective leaders. Leaders exist from every level in the organization, from the executive suite to the shop floor. Leadership is not defined so much in terms of formal position, but rather as a person’s act from clear vision that influences others to realization of that vision. Some leaders of controlling and directing in their approach however the most effective leaders of those who create enduring change by empowering commitment from within, rather than imposing control from without.

True leaders create an environment in which their people are motivated and committed. An empowered leader encourages brainstorming and feedback. The effects of their tactics are that goals are achieved by empowering employees to deliver new ideas and processes which are then formed, for example, a team working for an empowered leader takes personal ownership and pride in the work. The empowered leader believes that people can be trusted in such people succeed and do well at their jobs. They think they succeed when their team and organization succeeds.

Empowering leaders have a driving passion to realize their vision. They are egoless and humble, and build and sustain trust with their followers. Empowering leaders inspire the commitment and motivation of their followers. They are organizational and social architects and  institute change through positive beliefs about people and situations. They are the cornerstone of every successful organization.

SALES TIPS THAT WILL ALLOW YOU TO HAVE AN OUTSTANDING SALES CAREER

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This is the first of many tips that I will be sharing that has allowed me to transform thousands of ordinary sales talent into outstanding high performing sales talent. These tips have driven sales teams and generated exceptional growth for many hundreds of organizations. It is my pleasure to share my 30 years of successful sales and management coaching and training knowledge with you.

Reduce the stress handling objections

In every sales presentation each product and service has specific objections and some general objections which we hear all the time. Some general objections might be “I have to wait for my partner or my husband /wife” “to approve up the deal” telling you either I am not authorized to make the decision or you didn’t educate me enough to make a decision. Another general objection might be “Send me information to read” which could mean kill me some trees and get off my phone or out of my office or I really have the need to read (yes it is true that some people are visual) in which case ask for an appointment to review the information with the prospect to validate the prospects objectives. Do not just send the information without a commitment from your prospect to review the collateral, proposal etc. at a specific time.

There are rebuttals that handle general objections and rebuttals that handle specific objections. I speak to thousands of sales persons and very few actually spend the time to master the rebuttals to their objections. It’s not like you here an objection and say: wow! I never heard that before”. Every industry has 5-7 objections that are asked all the time. So why doesn’t a sales person who wants to close more deals master those rebuttals and redirecting the prospect back toward the checkbook? It blows my mind how most sales persons don’t invest the time in learning the keys to closing the deal.

So if you can’t invest the time in mastering your rebuttals and still want to remain in sales, (which I ask myself why); I am going to give you an additional tip. Here it comes….Ready; Try to reduce the objections you presently receive by delivering your sales message correct the first time. Sounds easy doesn’t it? Remember objections are just pleas from your prospect to help them make a decision to purchase your product. They are telling you that your sales presentation was poor. So how do we deliver a better message? Most of the time inexperienced or under skilled sales talent forget that the sales process is only “delivering an intelligent message so a prospect can make an intelligent buying decision”. The presentation / message must be delivered after qualifying the prospect for their needs and wants and then responding with information that satisfies those wants and needs.

The presentation must have a message that includes the value of your product and that value must be clear to the prospect. Most sales persons have stroked themselves so much that they believe their product is perfect for everyone and thus the price is justified. Not true. Value is perceived in the eyes of your prospect. If they see value in your product they will reduce or eliminate any objections to your presentation which will shorten the sales process and allow you to close more deals. Of course if you don’t show the value to your product and or services to your prospect, your sale process will also be shortened but without a sale.

Relationship Selling

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Triton Non-Profit Events

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The Art of Negotiation in Business

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Negotiation means arrangement and mutual discussion of the terms of an agreement. It is unusual to negotiate on everyday purchases in America. However, when it comes to purchasing large and more costly items such as houses and cars, Americans tend to negotiate on the price. On the other hand, some cultures accept and even encourage individuals to barter or negotiate with all types of purchases.